Swedish electric vehicle (EV) company Polestar announced in a press release Thursday that it has raised $550 million (USD) in investments in its recent round of fundraising.
This effectively marks the first time external investors have backed Polestar, in everything from the company’s EVs, to its brand, production capacity, financial goals, and its high-growth potential.
The news comes amidst a rapidly-growing EV market across the world, with more EVs set to release in the next few years than ever before. Polestar currently operates a manufacturing facility in China, considered the world’s largest auto market, despite being based in Sweden.
— Polestar (@PolestarCars) April 15, 2021
Polestar’s investment groups are led by Chongqing Chengxing Investment Fund Partnership, Zibo Financial Holding, and Zibo Hightech Industrial Investment. The company has also been backed by SK Inc, the South Korean global conglomerate, and a number of other new investors. This diversification of Polestar’s funding structure is expected to help the company improve its production and distribution capacities drastically.
On the capital gain, Polestar CEO Thomas Ingenlath said, “Our new investors have recognized that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric.”
Polestar is owned by Volvo and with the latter an extension of parent Geely, the automotive multinational headquartered in Hangzhou, China.
Polestar recently announced new variants for the Polestar 2, including both a long range and a dual motor unit to the model’s repertoire.
Contributing Writer at TeslaNorth.com from California’s southeast Bay Area. Covers electric vehicles, space exploration, and all things tech. Loves a good cup of coffee, live music and puppies. Buying a Tesla? Click here to get 1,000 free Supercharging miles.